Long dependent on fossil fuels, Panama is increasingly moving toward clean energy solutions.
IFC’s financing of the Penonome wind farm’s $300 million expansion diversifies the country’s energy mix while also lowering energy prices and cutting carbon emissions. Located about 150 km from Panama City, it is the largest utility-scale project of its kind in Panama, and comes at a critical time. As one of Latin America’s fastest growing economies, its energy demand is rising by up to 5 percent a year.
Climate-smart investors see opportunities in large-scale renewable energy projects that both meet power needs and protect the environment. Penonome’s sponsor, InterEnergy Holdings, pioneered wind power in the Dominican Republic in 2011, and is now expanding regionally with IFC’s support.
IFC has invested over $65 billion in Latin America and the Caribbean since its first project in Brazil, in 1957. This includes more than $20 billion mobilized from other investors.